January 29, 2010 (FinancialWire) — Neovasc Inc. (TSX Venture: NVC) (OTC: NVCIF) said that it has completed the first tranche of a non-brokered private placement of around 7.4 million units at the price of $0.27 per unit for aggregate gross proceeds of up to $2 million.

The company said it will use the proceeds of the offering primarily to fund the Cosira trial – a multi-center clinical trial intended to demonstrate the safety and efficacy of the company’s Reducer product for treating refractory angina. Each unit consists of one common share of Neovasc and one-half of one common share purchase warrant of Neovasc. Each whole warrant entitles the holder thereof to purchase one common share of Neovasc at the exercise price of $0.40 per share for a period of one year after the closing date of the offering.

Neovasc said that the majority of the offering was placed with existing investors, including members of Gagnon Securities, the Frost Group LLC, company management and medical and scientific advisors.

Vancouver-based Neovasc is a specialty vascular device company that develops, manufactures and markets medical devices for the vascular marketplace. The company’s current products include the Neovasc Reducer, a novel product in development to treat refractory angina.

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